London Mills, Fulton County, Illinois Property Taxes

Name: Property Tax Bills Across London Mills, Fulton County, Illinois
Creator: Ownwell
License: https://creativecommons.org/licenses/by-nc/4.0/

Median London Mills, IL effective property tax rate: 3.12%, significantly higher than the national median of 1.02%, but lower than the Illinois state median of 2.35%. Median London Mills, IL home value: $49,684. Median annual London Mills, IL tax bill: $693, $1,707 lower than the national median property tax bill of $2,400.

How are property taxes in Fulton calculated?

Property taxes in London Mills, IL are calculated based on the tax assessed value, which is often lower than the actual market value due to property tax exemptions such as the homestead or senior exemption.

Understanding London Mills’ property tax system, exemptions, and reduction opportunities can lead to significant savings. Regardless of where you live in London Mills, knowing local tax details benefits homeowners and investors.

Last Updated March 1, 2025

London Mills, Fulton County, Illinois Property Tax Bill Calculator

Property Assessed Value

$100,000

$1,500,000

$3,000,000

Median Effective Tax Rate

3.12%

Estimate Property Tax Bill

$1,550

$1,438

Ownwell’s London Mills Property Tax Bill Calculator empowers homeowners, real estate investors, and potential buyers to estimate their annual property taxes in London Mills with just two data points. By entering your property's estimated assessed value, our calculator applies London Mills’ median effective tax rate to accurately estimate your property tax bill. Note that your property's assessed value — determined by your county — reflects any exemptions you may have, ensuring a precise calculation for your property tax obligations. This insightful tool helps you understand potential tax liabilities and highlights how Ownwell can assist in reducing property taxes in Fulton County. For those interested in more localized information, please scroll down to explore city-level trends!

Property Tax Rates Across London Mills, Fulton County, Illinois

Local government entities set tax rates, which can vary widely within a state. Each county estimates its required budget to provide services and divides that by the total value of all taxable property within its jurisdiction. This calculation results in the property tax rate. While there are votes and laws involved in setting tax rates and budgets, in a nutshell, this is the annual process. In London Mills in Fulton County, IL, the effective property tax rate stands out at 3.12%, significantly higher than the national median property tax rate of 1.02%. This places a considerable property tax burden on homeowners when compared to the national average. The median property tax rate in Illinois is notably higher than the national average, reflecting the state's reliance on property taxes for funding local services. Despite the high rates, property tax bills in London Mills are a crucial source of revenue for maintaining essential public services. Comparing London Mills’ effective property tax rate to other cities in Illinois and the national median highlights the unique financial landscape homeowners face in this region. Understanding these rates can empower homeowners to make informed decisions about property ownership and tax appeals.

Property Tax Rates Across London Mills, Fulton County, Illinois

Source: Ownwell

1.39%

2.49%

3.59%

Our median effective property tax rate (tax bill ÷ assessor's market value) accounts for exemptions and deductions, making it more accurate than the general median tax rate, which is the midpoint of statutory rates before adjustments.

Median Effective London Mills Taxx Rate

3.12%

Median Effective Fulton County Taxx Rate

2.71%

Median Effective Illinois Tax Rate

2.35%

Median Effective United States Tax Rate

0.99%

Property Tax Rates Across London Mills, Fulton County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Rate	75th Percentile	90th Percentile
61544	1.27%	1.85%	3.12%	3.13%	3.13%

Source: Ownwell

Property Tax Assessment Values Across London Mills, Fulton County, Illinois

When examining property taxes in London Mills, IL, understanding the distinction between "market value" and "assessed value" is crucial. The market value is what a willing buyer would pay to a willing seller in an open and competitive market, often influenced by location, property condition, and economic market trends. The Fulton County appraisal district estimates the market value for tax purposes. The assessed value is the market value minus any applicable exemptions or limits determined by local laws and offerings. The tax assessed value is the figure used to calculate your property taxes or the amount multiplied by your tax rate to get your tax bill.

In Fulton County, assessment notices are sent in the spring each year. They’ll typically reach your mailbox by the middle of March. Each property owner receives an assessment notice that contains both the market value and assessed value, along with an estimate of your property tax bill. By providing insights into how assessed and market values are determined, this section helps property owners navigate their tax responsibilities and understand the valuation processes affecting their property taxes in London Mills.

For example, the median home price in London Mills is $49,684, with tax bills ranging significantly across the county. Zip code 61544 has the highest median home price at $49,684.

Property Tax Assessment Values Across London Mills, Fulton County, Illinois

Source: Ownwell

$26,937

$71,044

$115,150

Median London Mills Market Value

$49,684

Median Fulton County Market Value

$71,967

Median Illinois Market Value

$194,700

Median United States Market Value

$244,900

Property Tax Assessment Values Across London Mills, Fulton County, Illinois

Zip	10th Percentile	25th Percentile	Median Home Price	75th Percentile	90th Percentile
61544	$11,045	$28,356	$49,684	$72,658	$98,822

Source: Ownwell

Property Tax Bills Across London Mills, Fulton County, Illinois

In London Mills, IL, property tax bills are calculated based on the assessed value of a home, which is a percentage of its market value. The local tax rate is then applied to this assessed value to determine the annual property tax bill. Factors such as the property's location within Fulton County and any applicable exemptions can influence the final tax bill. For instance, while the national median property tax bill is $2,400, homeowners in London Mills experience a median tax bill of $693, significantly lower than the national average. However, tax bills can range from the 25th percentile at $386 to the 90th percentile at $1,846, indicating variability based on specific property characteristics and assessments. This variability can impact homeowners' financial planning. Ownwell assists homeowners by offering property tax appeal and exemption services, potentially reducing their tax burdens. By evaluating individual assessments and identifying discrepancies, Ownwell helps ensure homeowners in London Mills pay only their fair share, providing significant savings and peace of mind.

Property Tax Bills Across London Mills, Fulton County, Illinois

Source: Ownwell

$467

$949

$1,430

Median London Mills Tax Bill

$693

Median Fulton County Tax Bill

$1,058

Median Illinois Tax Bill

$4,715

Median United States Tax Bill

$2,690

Property Tax Bills Across London Mills, Fulton County, Illinois

Zip	10th Percentile	25th Percentile	Median Tax Bill	75th Percentile	90th Percentile
61544	$173	$386	$693	$1,210	$1,846

Source: Ownwell